Bias remains on the downside, and USD could decline toward 150.20. In the longer run, the current price movements are likely the early stages of a 149.50/153.00 range-trading phase, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

USD/JPY has entered a range-trading phase

24-HOUR VIEW: "We expected USD to 'edge lower and test 151.20' yesterday. However, we pointed out that 'given the current mild downward momentum, a continued decline below this level is unlikely.' Our view of a lower USD was not wrong, even though it fell more than expected to a low of 150.88. USD closed on a soft note at 151.04 (-0.52%). The bias remains on the downside, and USD could decline toward 150.20. Based on the current momentum, a clear break below this level is unlikely. To keep the downward bias going, USD must not break above 151.55 (minor resistance is at 151.25)."

1-3 WEEKS VIEW: "On Monday (13 Oct, spot at 152.05), we indicated that 'the current price movements are likely to early stages of a range-trading phase, probably between 149.50 and 153.00.' We continue to hold the same view for now."